Economics

Vocabulary

100

True or False:

A person who buys and uses goods and services is a consumer.

True

200

The definition of "goods":

A. Things people make, grow, or sell

B. Businesses that help or do work for someone else such as doctors, barbers, and teachers

A.

300

Definition: When there are not enough goods or services to meet people's wants.

A. Demand

B. Scarcity

C. Competition

B.

400

Give an example of two competing businesses out in the world right now.

For example: 

Pepsi and Coke

McDonalds and Burger King

etc...

500

In a business, do you want your demand to be high or low? Explain.

High.

answers may vary.

Human Resources

100

What is an example of a human resource at a grocery store.

Cashier, check out, produce dept., restocking, delivery person, etc. 

The people

200

Give an example of a human resource at a restaurant.

Any person who works at a restaurant...

300

If you started your own company selling something you make, would you be a human resource?

Yes.

400

You open a lemonade stand over the summer. You want it to be successful. Give an example of three different Human Resources you could possibly have to keep your business running.

answers may vary. People in the business...

500

Is it possible to have a company without Human Resources? Explain.

Answers may vary. Explanation is needed

Capital Resources

100

True or False: A capital resource is a dog walker for a dog walking company.

False.

200

You start a jewelry making company. Come up with one capital resource you will need to have a successful company.

Plyers, other tools to make the jewelry, etc.

300

True or False: Is a juicer a capital resource in a lemonade company (if I wanted to make my own freshly squeezed lemonade)? 

Yes. 

400

Name two capital resources that may be found on a farm to keep their business running.

Tractor, tools, other equipment

500

What's the difference between a capital resource and a natural resource?

Capital resources are the tools used to produce goods. Natural resources are the resources found naturally from the earth in nature.

Natural Resources

100

Is wheat a natural resource of IL?

Yes

200

Are oranges natural resources to IL?

Not typically. No.

300

Name two natural resources to IL?

Wood, wheat, soy, corn, etc..

400

If you were starting a lemonade business over the summer, what would be a natural resource you would need?

Lemons, sugar, water, etc..

500

What's the difference between a human resource and a natural resource?

Explanation. 

Scenarios

100

You started a company that sells art. All of a sudden, you realize the demand is going down. What could you do to help change that?

answers may vary.

200

You start a lemonade business, what might cause the demand to increase?? Or go up?

answers may vary

300

You have a tie-dye business, and a competitor opens up across the street from you. How will this competitor affect your tie-dye business?

answers will vary

400

You have a lemonade stand this summer, but your neighbors build one across the street. This is a competitor. And now your business is struggling. Name two things you can do to increase sales.

answers will vary

500

Your supply of lemons is running low. There's a scarcity of lemons at the supermarket. How will this affect your business? What can you do to turn things around?

Two answers. Answers will vary.